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ByGustan Cho
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This guide covers home purchase versus renting for homebuyers. There are many added benefits to a home purchase versus renting home. Many first time home buyers are gun shy in considering in buying their home. Here are some of the common questions first time home buyers have on home purchase versus renting: The three questions…
ByAnngelli Abenes
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This article analyzes the advantages and disadvantages of buying versus renting in California. The state has some of the highest real estate values nationwide and a similarly high cost of living. Expenses across the board—including taxes, real estate costs, and rent—tend to be higher in California than in other states. On the positive side, workers in…
ByAnngelli Abenes
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In guide covers buying house with new job and gaps in employment. Many homebuyers are concerned about qualifying for a mortgage and buying house with new Job and gaps in employment in the past two years. Many are under the impression that you need to be on the same job for the past two years…
ByAnngelli Abenes
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This blog will cover closing on your new home in 21 days from application to CTC. Closing on your new home on time is expected for both the home buyer and the sellers. There are many lives affected by a home closing. Buyers and sellers have families. They both need to make plans such as…
ByAnngelli Abenes
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When applying for a mortgage loan, homebuyers must present verified assets for home loan to the lender. Verified assets include the following: Checking accounts Savings accounts IRAs 401(k) accounts Keogh plans Investment accounts All assets must be properly sourced and verified to count towards a home loan. Cash is not recognized as verified funds in…
ByAnngelli Abenes
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Home loans are still available to borrowers with collections, charged-off accounts, or late payments. Lenders are generally willing to approve applicants with a history of bad credit, bankruptcy, foreclosure, a deed instead of foreclosure, a short sale, or a period of financial hardship. However, lenders expect borrowers to have rebuilt their credit following any previous issues. You…
ByAnngelli Abenes
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In this blog, we’ll explain the qualifying credit score that lenders use for mortgages. Mortgage underwriters determine this score by selecting the middle credit score from a tri-merge credit report. When a mortgage applicant applies, the loan officer pulls a report to evaluate creditworthiness. Not all creditors rely on tri-merge credit reports. It is common…
ByAnngelli Abenes
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In this article, we will discuss and cover mortgage conditions by underwriters on conditional loan approvals. Once the mortgage loan has been processed, it will get submitted to the mortgage company’s underwriting department. It is then assigned to a mortgage underwriter. A mortgage underwriter will carefully look at borrowers’ loan applications. All loan documents submitted…
ByGustan Cho
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This guide covers the reasons for foreclosures. The ability to repay is the most important factor lenders consider when approving a home loan to homebuyers. Even if the homebuyer puts a substantial amount down for the down payment, lenders want to make sure the borrower can comfortably pay their mortgage payments on time. Lenders are…
ByAnngelli Abenes
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This blog explores the process of training a new mortgage loan officer, particularly those without prior experience. Gustan Cho Associates offers a streamlined training program tailored for individuals aiming to embark on a career as a mortgage loan officer. Training newcomers in this field poses significant challenges for both mentors and rookies. For over a…
ByAlex Carlucci
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This guide covers Sacramento California home purchase with bad credit and credit scores down to 500 FICO. Sacramento is the capital of California and is located in the northern-most point of California’s Central Valley. Being the sixth-largest city in California, and home to the Sacramento Kings and the Sacramento River Cats, Sacramento is a very…
ByAnngelli Abenes
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In this blog, we will cover and discuss qualifying for mortgage with collection accounts guidelines. Homebuyers can qualify for a mortgage with collection accounts. HUD, the parent of FHA, has the most lenient agency mortgage guidelines than any other loan program. It is easier to get an approve/eligible per automated underwriting system (AUS) on FHA…
ByAlex Carlucci
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This guide covers qualifying for a home loan without spouse mortgage guidelines. There are many reasons why home buyers want or need a home loan without spouse on the mortgage note. Homebuyers can qualify for a home loan without spouse on the mortgage note. They can have the spouse on the deed as joint owners…
ByAlex Carlucci
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In this article, we will be discussing and covering manual underwriting with extenuating circumstances and going over some common case scenarios. We will go over some of the recent manual underwriting with extenuating circumstances success stories at Gustan Cho Associates. Many of our clients contact us with general questions surrounding manually underwritten mortgage loans. The…
ByAlex Carlucci
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This guide covers unexpected home buyers expenses payment shock for borrowers. The American Dream is still owning your own home. More millennials are getting qualified for a mortgage and are shopping for their first home. Rent prices are soaring nationwide. In some areas, a mortgage payment is less than the market rents. VA and USDA…
ByGustan Cho
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Choosing the right lender with no lender overlays is the key on how to avoid mortgage denial
ByGustan Cho
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In this blog post, we will discuss the concept and procedure of rapid rescore during mortgage process. Consumer credit profiles are reported to the three major credit reporting agencies. Each agency maintains a database of consumers’ data and payment histories and uses unique algorithms to calculate consumer credit scores. What Are The Lows and Highs of…
ByAnngelli Abenes
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In this blog, we will discuss and cover the manual downgrade from AUS approval on FHA loans. Manual Downgrade From AUS Approval is sometimes required by lenders who think the FHA loan is too marginal. For example, if a borrower with a credit score of 580 and higher debt-to-income ratios gets an approve/eligible per automated…
ByGustan Cho
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If you have a mortgage included in a bankruptcy, the waiting period guidelines are more favorable on conventional versus FHA loans
ByAnngelli Abenes
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This guide covers how underwriters view unsourced funds while analyzing and reviewing a borrower. Unsourced funds have no paper trail, so mortgage underwriters cannot source the funds needed for the mortgage asset qualification process. Borrowers need to source the funds to use the funds towards the home buyer’s down payment or closing costs on a…
ByGustan Cho
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This guide covers why underwriters issue denials on mortgage loans. The mortgage process should not be a stressful process and there is no reason why a mortgage loan should not close after a pre-approval has been issued. All mortgages should close on time and Gustan Cho Associates has a 21-day close policy on most loans….
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